Ben-Gurion University of the Negev received a NIS 6 million ($1.6 million) grant from the Israeli Council of Higher Education for the establishment of a new entrepreneurship center called Yazamut 360.

The center will function as a facilitator of different activities, including the student-run venture capital investment fund Cactus Capital and Forum 80-20, a voluntary organization led by student entrepreneurs Industrial and Management Engineering Faculty. Aimed at a broad range of audiences including students, entrepreneurs, and IDF officers, Yazamut 360 will offer training and courses, interact with academic disciplines, and help develop business relationships.

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The center will be chaired by Prof. Carmel Sofer of the Departments of Cognition and Brain Sciences and Industrial Engineering Management, a 25-year high-tech investor, and led by Dana Gavish-Fridman, the University’s Head of Entrepreneurship, BGU said in a statement.

“The establishment of this center as an empowering meeting place will provide students and researchers alike with a wide variety of tools and skills to connect with the business community,” said Prof. Sofer in a university statement. “In addition, the center’s activities will facilitate the creation of many start-ups every year, as well as a broad range of activities and the astounding motivation of our students, researchers and the Negev community in general.”

BGU President Prof. Daniel Chamovitz, underlined that “this grant is a gratifying vote of confidence in BGU’s future and our ability to guide energetic, intelligent students, faculty members and residents of the Negev region as they turn their ideas into solid businesses.”